System for external validation of private-to-public transition protocols

ABSTRACT

Embodiments of the invention are directed to a system, method, or computer program product for generating and using a block chain distributed network for tracking and validating protocols and other operations associated with the transition of one or more resources from being arranged in a consolidated, privately-held structure to being arrange and/or distributed in a publicly available structure. In example implementations, the block chain database is used and updated to reflect the status degree of completion of protocols associated with the identification, characterization, and dissemination of resource characteristics and resource shares, including the fractional distribution of resource portions to effectuate the efficient transition of a resource.

CROSS-REFERENCE TO RELATED APPLICATION

This application is a continuation of co-pending U.S. patent applicationSer. No. 15/049,865 filed Feb. 2, 2016, now published as U.S. PatentApplication Publication No. 2017/0244720, entitled “SYSTEM FOR EXTERNALVALIDATION OF PRIVATE-TO-PUBLIC TRANSITION PROTOCOLS,” which is herebyincorporated by reference in its entirety.

BACKGROUND

Historically, there have been advantages to the type of resourceconsolidation that allows for large volumes of resources to be held by asingle individual or privately amongst a relatively small group ofindividuals. Such advantages may be particularly relevant to situationswhere the ability to rapidly control the movement or deployment ofsignificant resources is necessary or otherwise efficient. However, inother contexts, additional efficiencies and other advantages may bederived from the use of a more distributed model, where resources areheld on a smaller individual scale amongst a larger collection ofindividuals or entities, at least some of whom may be passiveparticipants in the regular conduct of resource use and deployment.Notwithstanding the advantages that may be realized after the transitionfrom a traditional, centralized holding model to a distributed model,the period of transition can present a number of technical challenges,particularly in relation to the management of the characterization,division, and reallocation of large volumes of resources.

BRIEF SUMMARY

The following presents a simplified summary of one or more embodimentsof the invention in order to provide a basic understanding of suchembodiments. This summary is not an extensive overview of allcontemplated embodiments, and is intended to neither identify key orcritical elements of all embodiments, nor delineate the scope of any orall embodiments. Its sole purpose is to present some concepts of one ormore embodiments in a simplified form as a prelude to the more detaileddescription that is presented later.

Embodiments of the present invention address these and/or other needs byproviding an innovative system, method and computer program product forthe external validation of a private-to-public resource transition via ablock chain database.

In some embodiments, a block chain database is used to verify and trackthe completion of one or more underwriting operations associated withthe private-to-public transition of a resource. In example embodimentsthat contemplate contexts where information transparency, confirmationof information with a high degree of confidence, and efficienttransition of resources from one entity to another must be conducted ona compressed timescale, the use of a block chain database permitstechnical obstacles and impediments associated with traditional resourcetransition approaches to be avoided. This is particularly true as thescale of the transition increases.

In situations where distinct and/or particularized portions of aresource are designated for distribution to and amongst members of thepublic, the effective and accurate tracking of the location of eachportion of the resource and the ability to rapidly deploy anddisseminate additional resource portions when necessary is essential tothe efficient transition of a resource. This is particularly true whenthe likelihood of oversubscription-type phenomena increases with smallertime scales and larger potential subscriber bases. Using a block chaindatabase to implement the verification of relevant information and/orthe storage of resource portions allows for tracking of key data andparticularized resource portions in a manner that can be quickly andexternally validated and permits errors to be detected and correctedprior to widespread propagation throughout the database and/or thepublic in a manner that impedes the efficient distribution of aresource.

Embodiments of the invention relate to systems, methods, and computerprogram products for externally validating a private-to-public resourcetransition, the invention comprising: receiving from a first source anindication that a first underwriting action has been completed;transmitting to a block chain distributed network the indication thatthe first underwriting action has been completed; and receiving from theblock chain distributed network a verification that the firstunderwriting action has been completed.

Some example embodiments further comprise receiving from a second sourcean indication that a second underwriting action has been completed;transmitting to the block chain distributed network the indication thatthe second underwriting action has been completed; and receiving fromthe block chain distributed network a verification that the secondunderwriting action has been completed.

In some such example embodiments, and in other embodiments, the firstunderwriting action and the second underwriting action are associatedwith an initial public offering of a resource associated with aprivately-held entity. In some example implementations of suchembodiments, the block chain distributed network is a private blockchain distributed network. In some other example implementations, theblock chain distributed network is a public block chain distributednetwork.

In some example embodiments, including example embodiments orimplementations that arise in the context of transferring shares of aprivately-held resource to members of the public, the invention furthercomprises assigning to a first block in the block chain distributednetwork a first set of shares of the resource associated with theprivately held entity; and assigning to a second block in the blockchain distributed network a second set of shares of the resourceassociated with the privately-held entity, wherein the second block isheld in a reserve pending the identification of a triggering event.

In some such example implementations, and in other exampleimplementations, the invention further comprises receiving an indicationthat the triggering event has occurred; and initiating a transfer of thesecond set of shares of the resource associated with the privately-heldentity.

The features, functions, and advantages that have been discussed may beachieved independently in various embodiments of the present inventionor may be combined with yet other embodiments, further details of whichcan be seen with reference to the following description and drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

Having thus described embodiments of the invention in general terms,reference will now be made to the accompanying drawings, wherein:

FIG. 1 provides a block chain identification system environment, inaccordance with one embodiment of the present invention;

FIG. 2A provides centralized database architecture environment, inaccordance with one embodiment of the present invention;

FIG. 2B provides a block chain system environment architecture, inaccordance with one embodiment of the present invention;

FIG. 3 provides a high level process flow illustrating a block chainresource transition validation process, in accordance with oneembodiment of the present invention; and

FIG. 4 provides a process flow illustrating a block chain resourcedistribution process, in accordance with one embodiment of the presentinvention.

DETAILED DESCRIPTION OF EMBODIMENTS OF THE INVENTION

Embodiments of the present invention will now be described more fullyhereinafter with reference to the accompanying drawings, in which some,but not all, embodiments of the invention are shown. Indeed, theinvention may be embodied in many different forms and should not beconstrued as limited to the embodiments set forth herein; rather, theseembodiments are provided so that this disclosure will satisfy applicablelegal requirements. Like numbers refer to elements throughout. Wherepossible, any terms expressed in the singular form herein are meant toalso include the plural form and vice versa, unless explicitly statedotherwise. Also, as used herein, the term “a” and/or “an” shall mean“one or more,” even though the phrase “one or more” is also used herein.

A “user”, as referenced herein, may refer to an entity or individualthat has the ability and/or authorization to access informationassociated with a resource, such as a divisible resource that is subjectto a planned and/or pending private-to-public transition. A user mayalso be an individual or entity that has the ability and/orauthorization to conduct transactions involving portions of a divisibleresource that is subject to a planned and/or pending private-to-publictransition. Furthermore, as used herein, the term “user device” or“mobile device” may refer to mobile phones, personal computing devices,tablet computers, wearable devices, and/or any portable electronicdevice capable of receiving and/or storing data therein.

A “resource” includes accounts and/or other property that may be madeavailable to the user. In most example implementations contemplatedherein, the resource is an ownership interest in a privately-heldbusiness entity that is transitioning to be a publicly-held businessentity. Consequently, many example implementations envision the“resource” (either in whole or in its constituent parts, as shares ofstock, including fractional shares. Notwithstanding the foregoing, theterm “resource” need not be artificially limited to the context of stockand/or shares in a business entity, but rather the term “resource” canencompass a broad range of example items, including monetary assets,collections and portions thereof (such as collections of art,possessions, and/or other goods), commodities, accounts, other property,and the like.

In the context of example implementations described herein, a“transaction” or “resource distribution” refers to any transfer ofresources to and/or from a user. Alternatively, in some embodiments, theterm “transaction” may be used when describing the block chain databaseas a transaction type of record. The transaction type records consistsof the actual data stored in the block chain. A transaction may refer toa purchase of shares of stock, goods, or and/or other resources.

Embodiments of the present invention address the above needs and/orachieve other advantages by providing apparatuses (e.g., a system,computer program product and/or other devices) and methods foroperatively connecting with a block chain distributed network and usingthe block chain distributed network for facilitating theprivate-to-public transition of a resource.

In some embodiments, the block chain database may include real-timeresource availability information, including real-time information aboutthe resource and/or the privately-held entity with which the resource isinitially associated. The block chain database may also include resourceavailability information as it pertains to the availability of shares ofstock, including fractional shares, particularized bundles of shares,various types and categorizations of shares, and the like. In someexample implementations, each time a transaction involving a portion ofa resource occurs over time (such as the purchase and/or assignment ofone or more shares of stock, the block chain database adds the newtransaction to the distributed ledger. In this way, the movement ofportions of a resource, can be tracked rapidly. Particularly in thecontext of an initial public offering, a portion of a resource mayrapidly move between users and, by using the block chain database,transactions between and amongst users can be validated for purposes offurther transactions. For example, once a stock becomes publiclyavailable numerous users may seek to acquire sets of shares that can becombined with other sets of shares, divided amongst individual accountsrepresented by the user (such as in the context of mutual funds or otherinstitutional investments), or otherwise acquire a desired number ofshares at a given price point. The system may also determine the degreeto which a particular set of shares may be oversubscribed and respond bymaking more shares available in a particularized manner, or otherwiseaddress issues arising from localized and/or particularized spikes indemand.

While many of the examples described herein are placed in the context ofan initial public offering, it will be appreciated that embodiments ofthe invention described herein may be implemented in other contexts,including secondary and other transfers of stock, other ownershipofferings, bonds offerings, syndication, and the like.

Prior to the actual offering of a privately-held resource to the public,the block chain distributed network or block chain database may be usedto facilitate the storage and validation of information associated withthe private-to-public transition of the resource. For example, in thecontext of an initial public offering, there may be significant volumesof information and other data generated regarding the documentationrequired and/or issued by regulatory agencies, other disclosuresrequired by law or customary practice, advertising and other marketingmaterials, company financial data, and other information that isrelevant to the public's ability to examine and weigh potentialinvestment options. As such information becomes available and publishedto a block chain distributed network, a generated chain of transactionrecords may track such information has been developed, issued, combined,otherwise presented, and verified over time. Using a block chaindistributed network to store and make available such information permitsthe information to be externally validated by others, including, but notlimited to, other users who are authorized to access portions of theresource and/or portions of the block chain. This in turn increases thetrust that the public can have in the presented information and increasethe transparency involved with the transition of resources that may nothave been readily assessed and evaluated while privately held.

Embodiments of the invention are directed to a system, method, orcomputer program product for a distributive network system withspecialized data feeds associated with the distributive network andspecific triggering events associated with the data feeds for resourcedistribution, the tracking of the status of underwriting actionsassociated with the transition of a resource and transactions relatedtherewith, and the validation of status of one or more portions of aresource. Thus, the system may communicate with, store, and execute codefor real-time identification via a block chain database architecture.

Many example implementations of the invention disclosed herein aredirected at the particular context of an initial public offering of thestock of a company that had previously been privately held. Inparticular, many example embodiments are directed to the underwriting ofan initial public offering, and/or the actual transfer of shares at thetime of the initial public offering to investors amongst the public. Assuch, many of the example embodiments reference an “underwritingaction”. Those skilled in the art will recognize that the underwritingof an initial public offering often involves the preparation andcollection of large volumes of data from a wide variety of sources, suchas information associated with requirements imposed by governmentregulatory agencies, authorizations and/or other statements made byregulatory agencies, disclosures required under the law, accountinginformation, other company financial information, marketing andadvertising materials, and other documentation relating to the company,its stock, and the transition of that stock from a privately heldstructure to a publicly traded one. Consequently, the term “underwritingaction” is meant to encompass any activity conducted in support of or inconnection with an initial public offering or other similar transfer.

One of the primary technical obstacles that can be overcome byembodiments of the present invention, including embodiments that involvea block chain implementations is that of the efficient division anddistribution of a large volume of value. In some contexts, an initialpublic offering is accomplished in part by the allocation of sets ofshares to a number of entities, such as financial institutions or otherentities qualified to handle and manage the initial transfer of stock.However, in view of the technical difficulties involved in moving largevolumes of value over a compressed time scheduled, amongst a non-uniformdistribution of potential purchasers, the distribution of shares isoften imperfect in conventional systems, which can result in an failureto recognize and react to an oversubscription of some shares in somecontexts, as well as the failure to sell otherwise desired shares inother contexts. As contemplated herein, the use of a distributed systemcan resolve issues associated with oversubscription, particularly to theextent that a potential oversubscription can be detected rapidly by ablock chain distributed network and addressed quickly through thetransfer of shares (such as shares held in a reserve) to points thatreflect a potential oversubscription. In this way, many of theembodiments and implementations described herein are ultimately directedto the efficient satisfaction of demand for shares and the meeting ofcommitments to provide shares.

The implementation and use of a block chain database can overcome thistechnical obstacle, and other technical obstacles associated withinformation transparency and access, accurate tracking of resourcepurchases and accurate monitoring of allocations in real-time ornear-real-time in several ways. In some example implementations, sets ofshares may be stored in blocks that are in turn stored in a block chaindistributed network, wherein each block can have description over whatthe block is, what it's intended for. In such implementations, the scaleof the private-to-public transition (such as in an initial publicoffering) can be established and managed in an efficient manner.

The use of a block chain distributed network is also advantageous inthat it permits and facilitates varying levels of access and permissionamongst various users. For example, a single underwriter, or a leadunderwriter be able to access all aspects of a block chain (both in thecontext of the sale of sets of shares stored in blocks, and themanagement, verification, and transmission of data associated with otherunderwriting actions associated with the initial public offering), whileone or more secondary underwriters may have different access levels withrespect to the blocks, amounts of stock, and the like that they are ableto access and interact with.

The use of a block chain distributed network in the context of aninitial public offering also can allows for open investor access. Insituations where the block chain is used to store, verify, and publishdata associated with the initial public offering, users and othermembers of the public can take advantage of the distributed nature of ablock chain and the decentralized validation of data within the blockchain to achieve a degree of confidence that the information istrustworthy, accurate, and up-to-date.

Additional technical advantages can be achieved through the use of ablock chain database. For example, block chain databases areparticularly useful in tracking and accounting for fractional portionsof resources, including but not limited to fractional portions ofshares. In contexts involving highly priced shares or initial publicofferings that impose minimum buying requirements that are incompatiblewith an individual investor's particular needs, or where it may not befeasible for many individual investors to acquire a complete share, theblock chain database may be used to facilitate partial share transfers.

The distributed nature of a block chain, coupled with its accessibility,may also permit for the efficient development of investment poolsamongst users who may not otherwise be able to do so and reduce costs(such as overhead costs) to improve the efficiency of the transition ofthe stock from private to public. Similarly, large institutionalinvestors may be able to utilize the advantages of a block chaindistributed network to identify sets of available stock and efficientlyacquire a particular desired position with respect to a stock offeringwithout incurring the inefficiencies inherent in announcing stockpurchasing plans publicly.

In most example implementations, the use of block chain distributednetwork also increases the speed with which transactions involving stockor other resources can be effectuated and validated, such that thepotential that purchase or other transaction will be impacted byunforeseen changes in a stock's price on or between days is reduced.

Moreover, in the context of potentially oversubscribed stocks (orparticular blocks of stocks) the block chain distributed network readilyfacilitates the implementation of reserve blocks that can be used tocover unexpected sales triggered by emergencies or failed purchases,thus improving the liquidity of the stock and the initial publicoffering in general. In some such implementations, it may be possible toswitch between blocks to fulfil the critical needs of participantswithout impacting value.

It will be appreciated that in most contexts, an oversubscription, suchas an oversubscription of shares of a resource involved in an initialpublic offering, is associated with a level of demand that exceeds theavailable supply (or the supply that is anticipated to be available,such as when an initial public offering is divided in a manner such thatvarious entities are responsible for the sale of various blocks ofstock). In such contexts, a technical challenge arises regarding how theavailable resources (i.e., shares) are efficiently allocated amongstpotential purchasers. In some example implementations, a block thatcontains additional resource portions or shares can be associated withany of a number of rules regarding the allocation of shares, includingbut not limited to ranking allocation based on a price indicated by aprospective purchaser, the time a prospective purchaser subscribed,rules associated with an institutional structure, information pertainingto pre-existing relationships amongst entities, other obligations, andthe like.

Those skilled in the art will appreciate that there are exampleimplementations that may advantageously incorporate the assistanceand/or expertise of a financial institution in the facilitation ofunderwriting and/or the private-to-public transition of a resource via ablock chain, particularly as it applies to the tracking and verificationof essential information, the transfer of funds and/or stock between,amongst, and from users and other participants, and identifying resourceallocation rules or terms (such as pricing, timing, and other rules orrequirements) that could be used in connection with the offering ofstock or other resources. In some contexts, a financial institution mayopt to facilitate the implementation of one or more block chaindatabases and make them available for use a set of users and/or thepublic. This may be particularly advantageous in contexts where thefinancial institution is primarily responsible for underwriting aninitial public offering and/or has a stake in the efficient sale ofshares of stock.

FIG. 1 illustrates block chain system environment 200, in accordancewith one embodiment of the present invention. FIG. 1 provides the systemenvironment 200 for which the distributive network system withspecialized data feeds associated with the block chain implementation.FIG. 1 provides a unique system that includes specialized servers andsystems communicably linked across a distributive network of nodesrequired to perform the functions of validating the status of theunderwriting of a transfer of privately held resources topublicly-available resources.

As illustrated in FIG. 1, the block chain distributed network system 208is operatively coupled, via a network 201 to the user device 204, and tothe financial institution server 206. In this way, the block chaindistributed network system 208 can send information to and receiveinformation from the user device 204 and the financial institutionserver 206. FIG. 1 illustrates only one example of an embodiment of thesystem environment 200, and it will be appreciated that in otherembodiments one or more of the systems, devices, or servers may becombined into a single system, device, or server, or be made up ofmultiple systems, devices, or servers.

The network 201 may be a system specific distributive network receivingand distributing specific network feeds and identifying specific networkassociated triggers. The network 201 may also be a global area network(GAN), such as the Internet, a wide area network (WAN), a local areanetwork (LAN), or any other type of network or combination of networks.The network 201 may provide for wireline, wireless, or a combinationwireline and wireless communication between devices on the network 201.

In some embodiments, the user 202 is an individual that has the abilityand/or authority to perform underwriting operations and/or verifyinformation associated with underwriting operations. Those skilled inthe art will appreciate that most example embodiments contemplatemultiple such users. For example, as discussed above, a group of usersmay be underwriters or teams of underwriters, either associated togetheror in independent sub-groups (such as when multiple independent entitieshandle underwriting of an initial public offering). Consequently, whileonly one such user is depicted in FIG. 1, it will be understood thatmultiple users may operate in system environment 200. In someembodiments, the user 202 has a user device, such as a mobile phone,tablet, computer, or the like. FIG. 1 also illustrates a user device204. The user device 204 may be, for example, a desktop personalcomputer, a mobile system, such as a cellular phone, smart phone,personal data assistant (PDA), laptop, or the like. The user device 204generally comprises a communication device 212, a processing device 214,and a memory device 216. The processing device 214 is operativelycoupled to the communication device 212 and the memory device 216. Theprocessing device 214 uses the communication device 212 to communicatewith the network 201 and other devices on the network 201, such as, butnot limited to the financial institution server 206 and the block chaindistributed network system 208. As such, the communication device 212generally comprises a modem, server, or other device for communicatingwith other devices on the network 201.

The user device 204 comprises computer-readable instructions 220 anddata storage 218 stored in the memory device 216, which in oneembodiment includes the computer-readable instructions 220 of a userapplication 222. In some embodiments, the user application 222 allows auser 202 to complete a transaction and/or perform an underwriting actionand/or verify an underwriting action.

As further illustrated in FIG. 1, the block chain distributed networksystem 208 generally comprises a communication device 246, a processingdevice 248, and a memory device 250. As used herein, the term“processing device” generally includes circuitry used for implementingthe communication and/or logic functions of the particular system. Forexample, a processing device may include a digital signal processordevice, a microprocessor device, and various analog-to-digitalconverters, digital-to-analog converters, and other support circuitsand/or combinations of the foregoing. Control and signal processingfunctions of the system are allocated between these processing devicesaccording to their respective capabilities. The processing device mayinclude functionality to operate one or more software programs based oncomputer-readable instructions thereof, which may be stored in a memorydevice.

The processing device 248 is operatively coupled to the communicationdevice 246 and the memory device 250. The processing device 248 uses thecommunication device 246 to communicate with the network 201 and otherdevices on the network 201, such as, but not limited to the financialinstitution server 206 and the user device 204. As such, thecommunication device 246 generally comprises a modem, server, or otherdevice for communicating with other devices on the network 201.

As further illustrated in FIG. 1, the block chain distributed networksystem 208 comprises computer-readable instructions 254 stored in thememory device 250, which in one embodiment includes thecomputer-readable instructions 254 of an underwriting application 258.In some embodiments, the memory device 250 includes data storage 252 forstoring data related to the system environment, but not limited to datacreated and/or used by the underwriting application 258.

Embodiments of the block chain distributed network system 208 mayinclude multiple systems, servers, computers or the like maintained byone or many entities. FIG. 1 merely illustrates one of those systemsthat, typically, interacts with many other similar systems to form theblock chain. In one embodiment of the invention, the block chaindistributed network system 208 is operated by a second entity that is adifferent or separate entity from the financial institution server 206.In some embodiments, the financial institution server 206 may be part ofthe block chain. Similarly, in some embodiments, the block chaindistributed network system 208 is part of the financial institutionserver 206. In other embodiments, the financial institution server 206is distinct from the block chain distributed network system 208.

In one embodiment of the block chain distributed network system 208 thememory device 250 stores, but is not limited to, an underwritingapplication 258 and a distributed ledger. In some embodiments, thedistributed ledger stores data including, but not limited to, smartidentification logic and rules, user identifications, user legalidentifications, associated logic and rules, resource allocation rules,resource allocation data, obligation rules, user obligation data, userprofiles, underwriting rules, related data, and the like. In oneembodiment of the invention, both the underwriting application 258 andthe distributed ledger may associate with applications havingcomputer-executable program code that instructs the processing device248 to operate the network communication device 246 to perform certaincommunication functions involving described herein. In one embodiment,the computer-executable program code of an application associated withthe distributed ledger and underwriting application 258 may alsoinstruct the processing device 248 to perform certain logic, dataprocessing, and data storing functions of the application.

The processing device 248 is configured to use the communication device246 to gather data, such as data corresponding to transactions, blocksor other updates to the distributed ledger from various data sourcessuch as other block chain network systems. The processing device 248stores the data that it receives in its copy of the distributed ledgerstored in the memory device 250.

In the embodiment illustrated in FIG. 1 and described throughout much ofthis specification, the underwriting application 258 may generate amethod and attribute required for underwriting a private-to-publictransition of a resource and/or verifying a particular underwritingaction on a complete or partial basis. In this way, the underwritingapplication 258 generates a check on the underwriting actions associatedwith the private-to-public transition of a resource. As such, theunderwriting application 258 may not store the information underlying aparticular underwriting action, but instead may store an explicitguarantee that an underwriting action has been performed, has beenverified, and/or has been performed or verified to a particular degree.As such, the underwriting application 258 may receive and storeunderwriting information (and/or underwriting action information), dataassociated with underwriting actions and/or efforts to perform or verifyunderwriting actions, data extracted from documentation associated withan underwriting action, data identifying resource availability (such asthe availability of shares of stock, and, based on confirmation of thereceived data, confirm whether and to what degree an underwriting actionhas been performed and/or verified.

The underwriting application 258 may receive and/or confirm with otherentities the completion and/or verification of an underwriting actionthrough interaction with other entities. In this way, the block chaindatabase connects with entities associated with a user, a resourceholder, and/or an entity performing underwriting actions, such asaccount issuing entities, holding entities, regulatory entities,accounting entities, and/or management entities to generate a blockchain database with information about the resource that is the subjectof a private-to-public transition and the underwriting thereof.Furthermore, the underwriting application 258 may generate a token thatis associated with a user and/or a particular underwriting action and/orsource of underwriting information. In this way, upon communication withother systems on the network 201, the underwriting application 258 maycommunicate the token, thus not communicating or displaying sensitive orprivate information. The underwriting application 258 associated withthe block chain distributed network system 208 maintains a list of datarecords, such as tokens associated with one or more users, underwritingaction, and/or source of underwriting information, the security of whichis enhanced by the distributed nature of the block chain. A block chaintypically includes several nodes, which may be one or more systems,machines, computers, databases, data stores or the like operablyconnected with one another which is further illustrated below in FIG.2B. The nodes in the block chain may be entities such as financialinstitutions that function as gateways for other entities.

In some embodiments, the underwriting application 258 may receiveunderwriting information via a generated method and attribute forrequesting underwriting information associated with a resource that willbe subject to a private-to-public transition. In this way, resourceusers (such as underwriters and/or prospective purchasers), resourceholders or others responsible for the maintenance of resources and/orunderwriting with respect to such resources, financial institutions,users 202 or the like may provide underwriting information to theunderwriting application 258, such that the underwriting application 258may have an indication of confirmation that an underwriting action hasbeen completed (including partially completed). As such, theunderwriting application 258 may not necessarily store all of theinformation associated with an underwriting, but instead store anexplicit guarantee regarding the existence, completion, verification,and/or partial completion or verification of an underwriting action.

In some embodiments, the underwriting application 258 receives dataassociated with a resource or other documentation being used forunderwriting with respect to the resource. As such, the underwritingapplication 258 may receive via the network 201 an electronic copy ofdocumentation, and/or information associated with a particularunderwriting action. In some embodiments, the receiver of the data orother documentation may provide the underwriting application 258 withthe data and/or documentation being presented to him/her forsatisfaction of an underwriting action or requirement. In otherembodiments, a user 202 may notify the underwriting application 258 ofthe issuance or existence of information associated with an underwritingaction. In yet other embodiments, a financial institution via afinancial institution server 206 may provide the indication of anunderwriting action has been completed.

In some embodiments, the underwriting application 258 extracts data fromone or more received documents. As such, the information associated withthe documents is extracted by the underwriting application 258 via scan,text recognition, or the like. The underwriting application 258 mayidentify account numbers, resource values, user names, or the likeassociated with the received document or documents. Furthermore, theunderwriting application 258 may correlate the extracted information anduser names to tokens for users and underwriting actions associated withthe user. As such, not disseminating personal information and usernames, but instead associating them with tokens.

In some embodiments, the underwriting application 258 identifies thecompletion of an underwriting action via communication with an entity,such as a financial institution, independent auditor, accountant,regulatory body, law firm, or other entity that holds a responsibilityto perform and/or verify a particular underwriting action. In this way,the underwriting application 258 may, using the information extractedfrom the data received from such an entity, to identify the completionof by a user 202 or by another of an underwriting action and generateand/or identify a token associated therewith. The underwritingapplication 258 may identify this based on information associated withdocumentation created or actions taken in the performance of anunderwriting action. The underwriting application 258 may associate theunderwriting action with a token. As such, the underwriting application258 may utilize the token as the underwriting action throughout theprocess such that at no point may the actual underwriting data (whichmay be highly sensitive, proprietary, and/or not implicated by theprivate-to-public resource transition be disseminated. Subsequently, theunderwriting application 258 may identify the particular underwritingaction and/or documentation associated with the underwriting action bysearching the distributed ledger. Once identified, underwritingapplication 258 compares the underwriting action with the effortsundertaken and/or documentation associated with the underwriting action,thus confirming the completion, or (or degree of degree of completion)of the underwriting action.

In some embodiments, the underwriting application 258, based onconfirmation of the completion of an underwriting action, publishes thecompletion of the underwriting action. As such, the underwritingapplication 258 may communicate the completion of the underwritingaction. The communication may be electronic form, such as an email, textmessage, or the like. Furthermore, the underwriting application 258 maymark the completed underwriting action in the distributed ledger.

As illustrated in FIG. 1, the financial institution server 206 isconnected to the block chain distributed network system 208 and isassociated with a financial institution network. In this way, while onlyone financial institution server 206 is illustrated in FIG. 1, it isunderstood that multiple network systems may make up the systemenvironment 200. The financial institution server 206 generallycomprises a communication device 236, a processing device 238, and amemory device 240. The financial institution server 206 comprisescomputer-readable instructions 242 stored in the memory device 240,which in one embodiment includes the computer-readable instructions 242of an institution application 244. The financial institution server 206may communicate with the block chain distributed network system 208 toprovide real-time resource availability for a user account. While theblock chain distributed network system 208 may communicate with thefinancial institution server 206 via a secure connection generated forsecure encrypted communications between the two systems forcommunicating regarding underwriting actions, and/or the transfer ofshares or other resource portions as part of a private-to-publictransition.

It is understood that the servers, systems, and devices described hereinillustrate one embodiment of the invention. It is further understoodthat one or more of the servers, systems, and devices can be combined inother embodiments and still function in the same or similar way as theembodiments described herein.

FIG. 2A illustrates a centralized database architecture environment 300,in accordance with one embodiment of the present invention. Thecentralized database architecture comprises multiple nodes from one ormore sources and converge into a centralized database. The system, inthis embodiment, may generate a single centralized ledger for datareceived from the various nodes.

FIG. 2B provides a block chain system environment architecture 400, inaccordance with one embodiment of the present invention. Rather thanutilizing a centralized database of data for underwriting actions(and/or the confirmation thereof) or the tracking of shares and/or otherportions of a resource subject to a private-to-public transition, asdiscussed above in FIG. 2A, various embodiments of the invention may usea decentralized block chain configuration or architecture as shown inFIG. 2B in order to facilitate validation and verification ofunderwriting actions and/or transfers associated with a resource,including but not limited to the validation and verification of theunderwriting actions associated with an initial public offering. Such adecentralized block chain configuration ensures accurate mapping ofresource portions available within a resource (such as available shares)and ensures accurate mapping of the completion of underwriting actions,including the status of underwriting actions that may be required priorto an initial public offering. Accordingly, a block chain configurationmay be used to maintain an accurate ledger of resources, underwritingactions and materials, and to provide validation transactions associatedwith the underwriting and implementation of an initial public offering.For example, the block chain database may include real-time underwritingand/or resource availability with respect to shares of a resource thatwill be issued to the public. Upon performing an underwriting actionand/or agreeing to purchase a set of hares, a user may transmitdocumentation or other data associated with their action and activitiesto the system. The block chain system may identify the underwritingaction and/or the agreement to purchase, identify the user associatedtherewith, and identify the degree to which any required steps have beencompleted. The system may confirm with the user and/or others that theinformation is accurate. The system may also identify and/or update thestatus of the resource (i.e., the shares) such that the user and/orothers associated with the resource can ascertain the status of theresource subject to the private-to-public transition and the completionof any underwriting actions associated therewith. As such, the systemmay validate and verify the issuance of resource portions to one or moreusers and the completion of underwriting actions required or otherwiserelevant to the private-to-public transition.

A block chain or blockchain is a distributed database that maintains alist of data records, such as real-time status of underwriting actionsor share allocations, the security of which is enhanced by thedistributed nature of the block chain. A block chain typically includesseveral nodes, which may be one or more systems, machines, computers,databases, data stores or the like operably connected with one another.In some cases, each of the nodes or multiple nodes are maintained bydifferent entities. A block chain typically works without a centralrepository or single administrator. One well-known application of ablock chain is the public ledger of transactions for cryptocurrencies.The data records recorded in the block chain are enforcedcryptographically and stored on the nodes of the block chain.

A block chain provides numerous advantages over traditional databases. Alarge number of nodes of a block chain may reach a consensus regardingthe validity of a transaction contained on the transaction ledger. Assuch, the status of a transaction, the satisfaction of an obligation,and any resources associated therewith can be validated and cleared byone participant.

The block chain system typically has two primary types of records. Thefirst type is the transaction type, which consists of the actual datastored in the block chain. The second type is the block type, which arerecords that confirm when and in what sequence certain transactionsbecame recorded as part of the block chain. Transactions are created byparticipants using the block chain in its normal course of business, forexample, when someone sends cryptocurrency to another person, and blocksare created by users known as “miners” who use specializedsoftware/equipment to create blocks. In some embodiments, the blockchain system is closed, as such the number of miners in the currentsystem are known and the system comprises primary sponsors that generateand create the new blocks of the system. As such, any block may beworked on by a primary sponsor. Users of the block chain createtransactions that are passed around to various nodes of the block chain.A “valid” transaction is one that can be validated based on a set ofrules that are defined by the particular system implementing the blockchain. For example, in the case of cryptocurrencies, a valid transactionis one that is digitally signed, spent from a valid digital wallet and,in some cases that meets other criteria.

As mentioned above and referring to FIG. 2B, a block chain system 400 istypically decentralized—meaning that a distributed ledger 402 (i.e., adecentralized ledger) is maintained on multiple nodes 408 of the blockchain 400. One node in the block chain may have a complete or partialcopy of the entire ledger or set of transactions and/or blocks on theblock chain. Transactions are initiated at a node of a block chain andcommunicated to the various nodes of the block chain. Any of the nodescan validate a transaction, add the transaction to its copy of the blockchain, and/or broadcast the transaction, its validation (in the form ofa block) and/or other data to other nodes. This other data may includetime-stamping, such as is used in cryptocurrency block chains. In someembodiments, the nodes 408 of the system might be financial institutionsthat function as gateways for other financial institutions. For example,a credit union might hold the account, but access to the distributedsystem through a sponsor node.

Various other specific-purpose implementations of block chains have beendeveloped. These include distributed domain name management,decentralized crowd-funding, synchronous/asynchronous communication,decentralized real-time ride sharing and even a general purposedeployment of decentralized applications. The block chain 400 mayperform one or more of the steps or functions performed by the blockchain distributed network system as discussed above with reference toFIG. 1.

In various embodiments of the invention, a block chain implementation isused to implement the validation and verification of underwritingactions and/or the allocation of shares associated with an initialpublic offering. For payments (such as when a borrower makes a completeor partial payment for shares) and/or performance and notification ofunderwriting actions, multiple active directories may be created. Insuch cases, a need exists to ensure mappings are not overloaded orredirected and in order to maintain a complete audit trail. The blockchain configuration is used to index accounts and resources via mappingsin all directories and maintain a full and visible audit trail. Miningis used, in some embodiments, to ensure that changes to specificmappings (e.g., mapping an alias to a financial institution and/ormapping resources in an account or resource pool) are confirmed and/orhave reached a predetermined level of consensus. This also ensuresunauthorized users are not manipulating the directories.

A completion of an underwriting action and/or a purchase or allocationof shares, is mapped to the appropriate user and/or the appropriateresource portion, financial institution, or other individual or entityassociated with the underwriting action and/or resource transition. Thisinformation must be universally available to everyone on the network,and the block chain configuration enables such information distribution.In some embodiments of the invention, such a mapping, while integral toclearing (or validating) the underwriting action, aspects of the mappingof the underwriting action may be maintained as private information. Forexample, the mapping of a underwriting action (or an allocation of aresource portion such as stock) to an account number may be maintainedat a server local to the financial institution. Thus, once anunderwriting action has been placed on the public block chain, the blockchain network recognizes that the underwriting action is mapped to aparticular financial institution. That financial institution's server orsystem connected to the block chain receives the information about therequested underwriting action and can validate that action by looking upthe appropriate mapping of, for example, payments and/or other accountinformation. As noted, this information is not placed on the publicblock chain, but rather is held privately, such as on a private blockchain or a “side-chain”.

One advantage of using a block chain configuration for validation and/orverification of underwriting actions is the expedited conversion and anopportunity for scaling. Thousands of financial institutions, potentialpurchasers, underwriters, and related entities may participate in ablock chain implementation, and, therefore, the time to validation of atransaction or the satisfaction of an obligation may be shortened. Forexample, a proposed completion of an underwriting action that is placedon the block chain may be validated by one or a predetermined number ofnodes of the block chain in order for the underwriting action to berecognized. The nodes may work as miners or “validators” in order toconfirm that a transaction associated with an underwriting action hasproperly occurred, and is mapped to a particular, valid underwritingaction (or completion thereof). This determination may be based on thefact that the user or other individual or entity that originally mappedunderwriting action has placed it on the block chain and in some cases,has included additional information such as a key that validates theunderwriting action. In some embodiments, the key may be a digitalsignature that may be coupled with additional information that makes adeclaration of validity by a financial institution and/or another entityresponsible for monitoring and confirming the completion of theunderwriting action.

The block chain may be configured with a set of rules to dictate whenand how underwriting actions and/or resource (i.e., share) allocationsare validated and recognized as being accurate and/or completed. In someembodiments, the rules dictate that the entity that performs anunderwriting action cannot also verify the completion of theunderwriting action. In some embodiments, the underwriting action may beposted to the block chain by an entity acting on behalf of the entitythat performed the underwriting action. In some embodiments, the rulesdictate that some or all underwriting actions may be approved by one ormore validator nodes without further input from others. In some suchcases, the rules may dictate that the mapped underwriting action, whenplaced on the block chain also includes additional information that isuseful in determining whether the underwriting action is complete and/orto what degree the underwriting action is complete.

FIG. 3 provides a high level process flow illustrating a block chainresource transition validation process 100 in accordance with oneembodiment of the present invention. As depicted in block 102, process100 begins with receiving from a first source an indication that a firstunderwriting action has been completed. As discussed throughout thisdisclosure any of a number of entities may be associated with theunderwriting of the private-to-public transition of a resource,particular in the context of an initial public offering. Consequently,example sources of an indication that a first underwriting action hasbeen completed include, but are not limited to financial institutions,auditors, accountants, entities associated with the resource to betransitioned (such as the current holder of the resource), and otherstasked with performing underwriting actions. In some implementations,the indication that an underwriting task has been performed may take theform of a message or other transmission sent to one or more entities. Insome implementations, the indication comprises documentation and/orother materials generated in the course of performing the underwritingstep.

Process 100 continues in block 104, which comprises transmitting to ablock chain distributed network the indication that the firstunderwriting action has been completed. The block chain distributednetwork may exhibit any of the characteristics of a block chaindistributed network described herein or the like. In some exampleimplementations, particularly in implementations during the early stagesof underwriting a private-to-public transition, the block chaindistributed network may be private in the sense that access isrestricted or limited. In some other example implementations,particularly those that take place close to an initial public offering,the block chain may be public, to ensure that potential investors canobtain, review, and gain confidence in the underwriting actions takenwith respect to the initial public offering. In some exampleimplementations, when the block chain distributed network receives thetransmission of the indication that the first underwriting action hasbeen completed one or more validators or other individuals or entitiesmay opt to attempt to validate the completion of the first underwritingaction.

As shown in block 106, if the block chain distributed network is able toconfirm that the first underwriting action has been completed, the blockchain may transmit a verification (which can be received) that the firstunderwriting action has been completed. In some example implementations,this may comprise the transmission and receipt of a notification. Inother example implementations, the block chain may simply update theblock chain and/or create a new block or record to reflect theunderwriting action, which can then be checked and thereby received.

Process 100 continues with block 108, which comprises receiving form asecond source an indication that a second underwriting action has beencompleted. As discussed above, and throughout this disclosure, numerousdisparate entities perform numerous disparate underwriting actions inconnection with the private-to-public transition of a resource,particularly in the context of an initial public offering. Block 108contemplates the receipt from a second (different) entity an indicationthat a second underwriting action has been completed. For example, inblock 102, the first source may have been a regulatory body, while inblock 108, the second source may be an independent accountant. Thoseskilled in the art will recognize that any configuration of sources andunderwriting actions may satisfy blocks 102 and 108, so long as thesources associated with the respective indications that an underwritingaction is complete are different. Process 100 continues and concludeswith blocks 110 and 112, which mirror blocks 104 and 106 in the sensethat they are part of the validation of the completion of the respectiveunderwriting action.

FIG. 4 provides a process flow illustrating a block chain resourcedistribution process 500, in accordance with one embodiment of thepresent invention. Process 500 contemplates situations where, after aset of underwriting steps are completed, shares of a resource, such asshares that will be issued in an initial public offering, are allocatedsuch that some shares are made available to be subscribed to and/orsold, and a second block of shares is held in reserve, such that shoulda triggering event like an oversubscription in a particular area,unforeseen demand, or other event occurs, the reserved shares can berapidly deployed via the block chain distributed network to where theyare needed.

As shown in block 502, process 500 comprises assigning a first block inthe block chain distributed network a first set of shares of theresource associated with a privately held entity. Process 500 alsoincludes block 504, which comprises assigning to a second block in theblock chain distributed network a second set of shares of the resourceassociated with the privately-held entity, wherein the second block isheld in a reserve pending the identification of a triggering event.Those skilled in the art will appreciate that a triggering event may beany action or occurrence that, in accordance with predetermine rulesand/or a command, causes the reserved shares to be transferred to one ormore entities. For example, if an oversubscription occurs, if aparticular block of shares is insufficient to meet an order, if marketconditions dictate the transfer, or if a command to transfer the sharesis issued in accordance with predetermined rules, a triggering event isdeemed to have occurred.

As shown in block 506, process 500 includes receiving an indication thata triggering event has occurred, which in turn triggers block 508,wherein the transfer of the reserved second set of shares is initiated.

As will be appreciated by one of ordinary skill in the art, the presentinvention may be embodied as an apparatus (including, for example, asystem, a machine, a device, a computer program product, and/or thelike), as a method (including, for example, a business process, acomputer-implemented process, and/or the like), or as any combination ofthe foregoing. Accordingly, embodiments of the present invention maytake the form of an entirely software embodiment (including firmware,resident software, micro-code, and the like), an entirely hardwareembodiment, or an embodiment combining software and hardware aspectsthat may generally be referred to herein as a “system.” Furthermore,embodiments of the present invention may take the form of a computerprogram product that includes a computer-readable storage medium havingcomputer-executable program code portions stored therein. As usedherein, a processor may be “configured to” perform a certain function ina variety of ways, including, for example, by having one or morespecial-purpose circuits perform the functions by executing one or morecomputer-executable program code portions embodied in acomputer-readable medium, and/or having one or more application-specificcircuits perform the function. As such, once the software and/orhardware of the claimed invention is implemented the computer device andapplication-specific circuits associated therewith are deemedspecialized computer devices capable of improving technology associatedwith the in authorization and instant integration of a new credit cardto digital wallets.

It will be understood that any suitable computer-readable medium may beutilized. The computer-readable medium may include, but is not limitedto, a non-transitory computer-readable medium, such as a tangibleelectronic, magnetic, optical, infrared, electromagnetic, and/orsemiconductor system, apparatus, and/or device. For example, in someembodiments, the non-transitory computer-readable medium includes atangible medium such as a portable computer diskette, a hard disk, arandom access memory (RAM), a read-only memory (ROM), an erasableprogrammable read-only memory (EPROM or Flash memory), a compact discread-only memory (CD-ROM), and/or some other tangible optical and/ormagnetic storage device. In other embodiments of the present invention,however, the computer-readable medium may be transitory, such as apropagation signal including computer-executable program code portionsembodied therein.

It will also be understood that one or more computer-executable programcode portions for carrying out the specialized operations of the presentinvention may be required on the specialized computer includeobject-oriented, scripted, and/or unscripted programming languages, suchas, for example, Java, Perl, Smalltalk, C++, SAS, SQL, Python, ObjectiveC, and/or the like. In some embodiments, the one or morecomputer-executable program code portions for carrying out operations ofembodiments of the present invention are written in conventionalprocedural programming languages, such as the “C” programming languagesand/or similar programming languages. The computer program code mayalternatively or additionally be written in one or more multi-paradigmprogramming languages, such as, for example, F#.

It will further be understood that some embodiments of the presentinvention are described herein with reference to flowchart illustrationsand/or block diagrams of systems, methods, and/or computer programproducts. It will be understood that each block included in theflowchart illustrations and/or block diagrams, and combinations ofblocks included in the flowchart illustrations and/or block diagrams,may be implemented by one or more computer-executable program codeportions. These one or more computer-executable program code portionsmay be provided to a processor of a special purpose computer for theauthorization and instant integration of credit cards to a digitalwallet, and/or some other programmable data processing apparatus inorder to produce a particular machine, such that the one or morecomputer-executable program code portions, which execute via theprocessor of the computer and/or other programmable data processingapparatus, create mechanisms for implementing the steps and/or functionsrepresented by the flowchart(s) and/or block diagram block(s).

It will also be understood that the one or more computer-executableprogram code portions may be stored in a transitory or non-transitorycomputer-readable medium (e.g., a memory, and the like) that can directa computer and/or other programmable data processing apparatus tofunction in a particular manner, such that the computer-executableprogram code portions stored in the computer-readable medium produce anarticle of manufacture, including instruction mechanisms which implementthe steps and/or functions specified in the flowchart(s) and/or blockdiagram block(s).

The one or more computer-executable program code portions may also beloaded onto a computer and/or other programmable data processingapparatus to cause a series of operational steps to be performed on thecomputer and/or other programmable apparatus. In some embodiments, thisproduces a computer-implemented process such that the one or morecomputer-executable program code portions which execute on the computerand/or other programmable apparatus provide operational steps toimplement the steps specified in the flowchart(s) and/or the functionsspecified in the block diagram block(s). Alternatively,computer-implemented steps may be combined with operator and/orhuman-implemented steps in order to carry out an embodiment of thepresent invention.

While certain exemplary embodiments have been described and shown in theaccompanying drawings, it is to be understood that such embodiments aremerely illustrative of, and not restrictive on, the broad invention, andthat this invention not be limited to the specific constructions andarrangements shown and described, since various other changes,combinations, omissions, modifications and substitutions, in addition tothose set forth in the above paragraphs, are possible. Those skilled inthe art will appreciate that various adaptations and modifications ofthe just described embodiments can be configured without departing fromthe scope and spirit of the invention. Therefore, it is to be understoodthat, within the scope of the appended claims, the invention may bepracticed other than as specifically described herein.

To supplement the present disclosure, this application furtherincorporates entirely by reference the following commonly assignedpatent applications:

U.S. Patent Docket Application Ser. Number No. Title Filed On6823US1.014033.2555 14/942,326, TRANSPARENT SELF- Nov. 16, 2015 nowpublished as MANAGING REWARDS U.S. Patent PROGRAM USING ApplicationBLOCKCHAIN AND Publication No. SMART CONTRACTS 2017/01404086908US1.014033.2652 15/041,555, BLOCK CHAIN ALIAS Feb. 11, 2016 nowpublished as FOR PERSON-TO- U.S. Patent PERSON PAYMENTS ApplicationPublication No. 2017/0132630 6908USP1.014033.2556 62/253,935 BLOCK CHAINALIAS Nov. 11, 2015 PERSON-TO-PERSON PAYMENT 6985US1.014033.260515/041,566, BLOCK CHAIN ALIAS Feb. 11, 2016 now published asPERSON-TO-PERSON U.S. Patent PAYMENTS Application Publication No.2017/0132615 6988US1.014033.2607 15/050,375, SYSTEM FOR Feb. 22, 2016now U.S. Pat. CONVERSION OF AN No. 10,135,870 INSTRUMENT FROM ANON-SECURED INSTRUMENT TO A SECURED INSTRUMENT IN A PROCESS DATA NETWORK6989US1.014033.2608 15/050,379, SYSTEM FOR Feb. 22, 2016 now publishedas EXTERNAL SECURE U.S. Patent ACCESS TO PROCESS Application DATANETWORK Publication No. 2017/0243215 6990US1.014033.2609 15/050,358 nowSYSTEM FOR Feb. 22, 2016 U.S. Pat. No. PROVIDING LEVELS OF 10,178,105SECURITY ACCESS TO A PROCESS DATA NETWORK 6991USP1.014033.261062/293,585 SYSTEM FOR SECURE Feb. 10, 2016 ROUTING OF DATA TO VARIOUSNETWORKS FROM A PROCESS DATA NETWORK 6992USP1.014033.2611 62/293,620SYSTEM FOR Feb. 10, 2016 CENTRALIZED CONTROL OF SECURE ACCESS TO PROCESSDATA NETWORK 6993US1.014033.2612 15/049,605 now SYSTEM FOR CONTROL Feb.22, 2016 U.S. Pat. No. OF SECURE ACCESS 10,129,238 AND COMMUNICATIONWITH DIFFERENT PROCESS DATA NETWORKS WITH SEPARATE SECURITY FEATURES6994US1.014033.2613 15/049,716, SYSTEM FOR CONTROL Feb. 22, 2016 nowpublished as OF DEVICE IDENTITY U.S. Patent AND USAGE IN A ApplicationPROCESS DATA Publication No. NETWORK 2017/0243208 6996US1.014033.261515/049,777 now SYSTEM FOR Feb. 22, 2016 U.S. Pat. No. ESTABLISHINGSECURE 10,142,312 ACCESS FOR USERS IN A PROCESS DATA NETWORK6997US1.014033.2616 15/049,835 now SYSTEM FOR Feb. 22, 2016 U.S. Pat.No. ALLOWING EXTERNAL 10,026,118 VALIDATION OF DATA IN A PROCESS DATANETWORK 6998US1.014033.2719 15/050,094 now SYSTEM FOR Feb. 22, 2016 U.S.Pat. No. CONVERSION OF AN 10,116,667 INSTRUMENT FROM A NON-SECUREDINSTRUMENT TO A SECURED INSTRUMENT IN A PROCESS DATA NETWORK6998USP1.014033.2617 62/287,293 SYSTEM FOR Jan. 26, 2016 CONVERSION OFAN INSTRUMENT FROM A NON-SECURED INSTRUMENT TO A SECURED INSTRUMENT IN APROCESS DATA NETWORK 6999US1.014033.2720 15/050,098, SYSTEM FOR Feb. 22,2016 now published as TRACKING AND U.S. Patent VALIDATION OF ApplicationMULTIPLE INSTANCES Publication No. OF AN ENTITY IN A 2017/0213221PROCESS DATA NETWORK 6999USP1.014033.2618 62/287,301 SYSTEM FOR Jan. 26,2016 TRACKING AND VALIDATION OF MULTIPLE INSTANCES OF AN ENTITY IN APROCESS DATA NETWORK 7000US1.014033.2721 15/050,084 now SYSTEM FOR Feb.22, 2016 U.S. Pat. No. TRACKING AND 9,825,931 VALIDATION OF AN ENTITY INA PROCESS DATA NETWORK 7000USP1.014033.2619 62/287,298 SYSTEM FOR Jan.26, 2016 TRACKING AND VALIDATION OF AN ENTITY IN A PROCESS DATA NETWORK7001US1.014033.2620 15/050,372, SYSTEM FOR ROUTING Feb. 22, 2016 nowpublished as OF PROCESS U.S. Patent AUTHORIZATIONS AND ApplicationSETTLEMENT TO A Publication No. USER IN A PROCESS 2017/0243217 DATANETWORK 7002US1.014033.2621 15/050,285 now SYSTEM FOR ROUTING Feb. 22,2016 U.S. Pat. No. OF PROCESS 10,318,938 AUTHORIZATION AND SETTLEMENT TOA USER IN PROCESS DATA NETWORK BASED ON SPECIFIED PARAMETERS7003US1.014033.2622 15/050,292, SYSTEM FOR GRANT Feb. 22, 2016 nowpublished as OF USER ACCESS AND U.S. Patent DATA USAGE IN A ApplicationPROCESS DATA Publication No. NETWORK 2017/0243209 7033US1.014033.263815/050,294, SYSTEM FOR Feb. 22, 2016 now published as IMPLEMENTING AU.S. Patent DISTRIBUTED LEDGER Application ACROSS MULTIPLE PublicationNo. NETWORK NODES 2017/0243212 7039US1.014033.2644 15/049,852 now SYSTEMFOR Feb. 22, 2016 U.S. Pat. No. EXTERNAL 10,140,470 VALIDATION OFDISTRIBUTED RESOURCE STATUS 7040US1.014033.2645 15/050,316, SYSTEM FORFeb. 22, 2016 now published as TRACKING TRANSFER U.S. Patent OFRESOURCES IN A Application PROCESS DATA Publication No. NETWORK2017/0243214 7041US1.014033.2651 15/050,321, SYSTEM FOR Feb. 22, 2016now published as MANAGING U.S. Patent SERIALIZABILITY OF ApplicationRESOURCE TRANSFERS Publication No. IN A PROCESS DATA 2017/0243287NETWORK 7042US1.014033.2640 15/050,307, SYSTEM TO ENABLE Feb. 22, 2016now published as CONTACTLESS ACCESS U.S. Patent TO A TRANSACTIONApplication TERMINAL USING A Publication No. PROCESS DATA 2017/0243213NETWORK

What is claimed is:
 1. A system for validating a private-to-publicresource transition, the system comprising: a memory device withcomputer-readable program code stored thereon; a communication device; aprocessing device operatively coupled to the memory device and thecommunication device, wherein the processing device is configured toexecute the computer-readable program code to: receive from a firstsource an indication that a first underwriting action has beencompleted, wherein the first underwriting action is associated with aresource transition; receive information related to the firstunderwriting action; identify private information in the informationrelated to the first underwriting action; in response to identifying theprivate information, generate or identify one or more tokenscorresponding to the private information; verify that the firstunderwriting action has been completed; in response to verifying thatthe first underwriting action has been completed, store on a block chaina data record comprising the indication that the first underwritingaction has been completed and verified, wherein the data recordcomprises the one or more tokens but does not comprise the privateinformation, wherein the block chain is private prior to initiation ofthe resource transition; identify initiation of the resource transition;and in response to identifying initiation of the resource transition,transition the block chain from private to public.
 2. The system ofclaim 1 where in the processing device is further configured to executethe computer-readable program code to: receive from a second source anindication that a second underwriting action has been completed; verifythat the second underwriting action has been completed; and in responseto verifying that the first underwriting action has been completed,store on the block chain a data record comprising the indication thatthe second underwriting action has been completed.
 3. The system ofclaim 1, wherein receiving the information related to the firstunderwriting action comprises extracting the information fromdocumentation related to the first underwriting action.
 4. The system ofclaim 1, wherein the processing device is further configured to executethe computer-readable program code to map the first underwriting actionto the first source, wherein mapping the first underwriting actionallows the block chain to identify the first source upon storing thefirst underwriting action to the block chain.
 5. The system of claim 1,wherein the resource transition is an initial public offering of stockof a privately-held entity.
 6. The system of claim 5, wherein theprocessing device is further configured to execute the computer-readableprogram code to: assign to a first block in the block chain a first setof shares of the stock of the privately held entity; and assign to asecond block in the block chain a second set of shares of the stock ofthe privately-held entity, wherein the second block is held in a reservepending the identification of a triggering event.
 7. The system of claim6, wherein the processing device is further configured to execute thecomputer-readable program code to: receive an indication that thetriggering event has occurred; and initiate a transfer of the second setof shares of the stock of the privately-held entity.
 8. A computerprogram product for validating a private-to-public resource transition,wherein the computer program product is embodied on at least onenon-transitory computer-readable medium having computer-readable programcode portions embodied therein, the computer-readable program codeportions comprising: an executable portion configured for receiving froma first source an indication that a first underwriting action has beencompleted, wherein the first underwriting action is associated with aresource transition; an executable portion configured for receivinginformation related to the first underwriting action; an executableportion configured for identifying private information in theinformation related to the first underwriting action; an executableportion configured for, in response to identifying the privateinformation, generating or identifying one or more tokens correspondingto the private information; an executable portion configured for,verifying that the first underwriting action has been completed; anexecutable portion configured for, in response to verifying that thefirst underwriting action has been completed, storing on a block chain adata record comprising the indication that the first underwriting actionhas been completed and verified, wherein the data record comprises theone or more tokens but does not comprise the private information,wherein the block chain is private prior to initiation of the resourcetransition; an executable portion configured for, identifying initiationof the resource transition; and an executable portion configured for inresponse to identifying initiation of the resource transition,transitioning the block chain from private to public.
 9. The computerprogram product of claim 8, wherein the computer-readable program codeportions further comprise: an executable portion configured forreceiving from a second source an indication that a second underwritingaction has been completed; an executable portion configured forverifying that the second underwriting action has been completed; and anexecutable portion configured for in response to verifying that thefirst underwriting action has been completed, storing on the block chaina data record comprising the indication that the second underwritingaction has been completed.
 10. The computer program product of claim 8,wherein receiving the information related to the first underwritingaction comprises extracting the information from documentation relatedto the first underwriting action.
 11. The computer program product ofclaim 8, wherein the computer-readable program code portions furthercomprise mapping the first underwriting action to the first source,wherein mapping the first underwriting action allows the block chain toidentify the first source upon storing the first underwriting action tothe block chain.
 12. The computer program product of claim 8, whereinthe resource transition is an initial public offering of stock of aprivately-held entity.
 13. The computer program product of claim 12,wherein the computer-readable program code portions further comprise: anexecutable portion configured for assigning to a first block in theblock chain a first set of shares of the stock of the privately heldentity; and an executable portion configured for assigning to a secondblock in the block chain a second set of shares of the stock of theprivately-held entity, wherein the second block is held in a reservepending the identification of a triggering event.
 14. The computerprogram product of claim 13, wherein the computer-readable program codeportions further comprise: an executable portion configured forreceiving an indication that the triggering event has occurred; and anexecutable portion configured for initiating a transfer of the secondset of shares of the stock of the privately-held entity.
 15. Acomputer-implemented method for validating a private-to-public resourcetransition, the method comprising: providing a computing systemcomprising a computer processing device and a non-transitory computerreadable medium, where the computer readable medium comprises configuredcomputer program instruction code, such that when said instruction codeis operated by said computer processing device, wherein said computerprocessing device performs the following operations: receiving from afirst source an indication that a first underwriting action has beencompleted, wherein the first underwriting action is associated with aresource transition; receiving information related to the firstunderwriting action; identifying private information in the informationrelated to the first underwriting action; in response to identifying theprivate information, generating or identifying one or more tokenscorresponding to the private information; verifying that the firstunderwriting action has been completed; in response to verifying thatthe first underwriting action has been completed, storing on a blockchain a data record comprising the indication that the firstunderwriting action has been completed and verified, wherein the datarecord comprises the one or more tokens but does not comprise theprivate information, wherein the block chain is private prior toinitiation of the resource transition; identifying initiation of theresource transition; and in response to identifying initiation of theresource transition, transitioning the block chain from private topublic.
 16. The computer-implemented method of claim 15, wherein thecomputer processing device further performs the following operations:receiving from a second source an indication that a second underwritingaction has been completed; verifying that the second underwriting actionhas been completed; and in response to verifying that the firstunderwriting action has been completed, storing on the block chain adata record comprising the indication that the second underwritingaction has been completed.
 17. The computer-implemented method of claim15, wherein the method further comprises mapping the first underwritingaction to the first source, wherein mapping the first underwritingaction allows the block chain to identify the first source upon storingthe first underwriting action to the block chain.
 18. Thecomputer-implemented method of claim 15, wherein the resource transitionis an initial public offering of stock of a privately-held entity. 19.The computer-implemented method of claim 18, wherein the computerprocessing device further performs the following operations: assigningto a first block in the block chain a first set of shares of the stockof the privately held entity; and assigning to a second block in theblock chain a second set of shares of the stock of the privately-heldentity, wherein the second block is held in a reserve pending theidentification of a triggering event.
 20. The computer-implementedmethod of claim 19, wherein the computer processing device furtherperforms the following operations: receiving an indication that thetriggering event has occurred; and initiating a transfer of the secondset of shares of the stock of the privately-held entity.